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Interesting news at last from OVB today….Morocco looks to be a good jurisdiction for their ops.

I was already aware that there are some great SILVER assets well established there, for example AYA Gold & Silver Company who are listed on Canadian TSX market has their very high grade zgounder mine in active production. Shall need to do some checking up about what’s the extent of Copper assets that are established in Morocco.

https://ayagoldsilver.com/projects/zgounder/

I was also aware that there is already another LSE listed company (ticker CMRS) who are active with some Moroccan exploration, etc assets on their books. Hence going forward it’s going to be worth cross checking for CMRS performance/news for making comparison etc with OVB.

The sustainability of this small rally in the SP depends in the near term on what gets stated in the interims that are due for publication early next week.

Interesting that Mgt have pushed out this Magma news today as standalone rather than just including it within the interims news release contents that are coming next week. You could paint either a positive or negative reasoning for their approach taken…time will tell.

Barry Reynolds…..Holdings RNS states the Place of Completion as being “Dudley” (town located approx 8 miles from Birmingham). Hence it’s likely to be the BR that heads up (Director) the privately owned Industrial Company “BR Industrial Personnel Ltd” who are based at an Industrial Park in Birmingham. Companies House info for this Company states that BR was born in 1965 so is aged around 60. He has a linked-in profile but looks dormant with no recent posts.

https://www.br-industrial.co.uk/about-br-industrial-personnel-ltd/

Here we go…..

It is sensible asset management to have a good size stock pile of mined ore readily available for processing. There will always be a small ongoing risk of a mining event (e.g. HSE accident, mine subsidence, extreme flooding, etc) that could put a halt to the mining activities often for many months whilst recovering from the event and in such situation in principle the processing plant can maintain gold production by using the stockpile as the Feed. Also having a substantial stockpile gives them more flexibility for mitigating for any periods where they are mining low grades (e.g. through ore blending, etc).

Good example of such a mining event is Griffin Mining (ticker: GFM) who had an excavation works related fatality around 6 months ago and they only now are getting back into reduced capacity production with a key reason for their slow ramp up being their lack of much available stockpile ore (I.e. the processing plant is running at reduced capacity waiting to get mined ore).

Nearly 5 million shares traded today so far. There’s only 130 million in issue so thats quite significant and if it’s one main buyer it’s TR-1 worthy.

Early days imo….there are clearly interested bidders (plural) circling. The successful sale of the authentication division due to complete in a couple of weeks on 1st May could lead to some further bidding developments.

Hence I am holding for the time being after lesson learned of selling out too early with the Wincanton (logistics) takeover last year and missing out on the best final offer.

Looks like a few buyers nibbling today at potential news….

The “risk” of takeover is increased by keeping excessive amounts of cash on the balance sheet. Serabi needs to get their planned “mechanisms for returns to shareholders” in play asap.

Interesting……..Mr Market currently at 131 Bid / 131.5 Ask……..Feels already like 130p which seems like quite a lowball offer won’t be the end of the bidding story here.

Hope it goes like Wincanton did previously with rivals bidding that significantly increased the final offer from the first offer.

Todays news is excellent on several fronts…..

- Takes aways the risk that Greenstone would take some profits via stock selling on the open market which would have likely caused SP decline.

- The new fund are Brazil based and have been monitoring Serabi for a couple of years. Due diligence will have been robust on all key aspects ahead of taking this significant 20% stock position.

- The new fund having appetite for taking a position at circa 150p share price indicates they see plenty of SP upside in the coming years from the planned Company growth + gold price, etc.

- Foresee the new fund already had discussion with Company Mgt for the path forward for the “mechanisms for returns to shareholders” as stated in yesterday RNS / Video and is investing in Serabi based on anticipation of the path forward having already been pencilled in behind the scenes before an announcement is made to the market that should come soon.

It’s an offer with lots of ifs and buts and maybes…..hence the current SP discounting.

LSTK Projects can be a minefield of risks for Contractors, even without taking into account the additional adverse impacts of the pandemic, Ukraine war, high inflation, supply chain issues, etc that has been experienced during the past 5 years. Clients have become far less sympathetic to Contractors plight and typically are playing hardball with the change management, claims, performance/liquidated damages, payment milestones, etc. This risk is why practically all of the western based Oil & Gas Contractors have exited from most of the LSTK sector and left it pretty much to the Chinese and South Korean Contractors to carry on taking these risks. It appears that WG has financially suffered before exiting the LSTK sector, although hopefully when the Deloitte report gets issued with the specific details that we will find that it is not too serious.

One of the many strong Irons in the Tertiary Fire….The Konkola West 1st diamond drill hole will shortly reach 3000 metres completion length. That’s practically an order of magnitude longer than typical drill hole lengths seen on most exploration sites. Quite incredible really when you visualise it…..that’s around 30 football pitch lengths.

Its been frustrating for Tertiary share holders not to have seen any news from Kobold of assay results progressively in say 100 metre sections of this mega drill hole as it was developing, but you have to recognise that they are not a publicly listed Company and therefore not concerned with short term share price performance that the publication of partial results could positively influence. Their significant financing comes from private backers such as Gates, Bazos, etc and they will be patient and in no rush to prematurely publish half a story and prefer to wait and have the complete set of results in their hands in order for knowledgeable determination of the full picture to then be published.

However what you can do whilst waiting for the complete results publication is try to read between the lines by their actions as to what they already knowing internally. They will have good knowledge of the drilled core of this mega hole through visuals, XRF readings and partial assay results and its known that they have kept drilling onwards in the same hole to a final length that is significantly longer than was originally envisaged and are now actively planning for a 2nd hole shortly after completing 1st hole (I.e. retention of drilling facilities/manpower). It could also be that Tertiary Mgt are privy to some aspects of Kobold’s unpublished partial data that they need to keep non disclosed at this time.

Tertiary had a pattern of doing financings in recent years just prior to the AGM and I had fully expected them to do likewise again this year, but they did not and this seems to be noteworthy. It makes you ask the question to yourself are they waiting for something important that they already know internally to fall into place soon officially that will create a major change for the financial related circumstances of TYM’s future. It could be this Kobold Iron in the fire or one of their many other strong Irons in the fire that’s going to land soon (FQM JV assay news, Mupala Anglo JV set-up news, even Storuman permit news could land as Europe (Sweden) jumps onto the mining friendly bandwagon that’s rapidly accelerating worldwide). Seems to me to be worth a punt here at just 2 million mcap. DYOR.

https://www.lse.co.uk/rns/update-on-konkola-west-copper-project-e2cxhwe3ejyinhk.html

Interesting.

It could be noteworthy that Victrex uses JPM London office for their AGM meetings each year and so it’s likely they have some good management level contacts. Hence wondering if JPM actually knows a bit more about Victrex current trading status than just the holistic view on the ongoing macro concerns as outlined in their research note.

At the moment it’s just words from JPM, but they did hold a short position last year and if this position reappears again in the coming days/weeks then we would be seeing JPM taking action in relation to this downgrade which to my mind would be more meaningful…….Actions always speak louder than words.

Victrex continues on my watchlist.

SP down over 5% already this morning with nearly 200 trades (mostly A type) in first 20 mins since the opening bell……not sure what to make of it but it don’t look pretty.

Recent John Meyer podcast (done just before yesterdays silver news RNS)…..Tertiary gets a good mention. Can go direct to listen to their chapter.

https://www.youtube.com/watch?v=KG6furFO3n4

We ❤️ artisanal tunnels…hopefully there is no smoke without fire (as was the case at PEPAS) as it took big effort for the old timers to build these tunnels. Furthermore these type of tunnels are typically implying that there was a near surface resource being mined. All bodes well.

Its not 100% clear, but I would assume the duration for the gold quantity as stated today is to be taken from between Monday 10th Feb (date of the last pour) as per the 12th Feb RNS and Monday 24th March (date of latest pour) as stated in today RNS. So that is a 6 week period.

Whilst I am by no means Tertiary Mgt’s biggest fan, I can see some real potential in their assets held for such a low market cap Company. I shall hope for the new MD to improve their PR etc.

I am a self confessed silver bug and strongly believe the metal is going to go on a big run soon as the G/S ratio currently up at around 90 just makes no sense & cannot continue unchallenged long term. When the upcoming silver price run does happen then all the boats with a good potential silver asset will likely float much higher, particularly those that are currently unloved and significantly under valued.

The market has not (yet) taken proper notice of the RNS issued today for the Mushima North (MN) silver results (instead today they were focused on UFO for their Elizabeth Hill silver deal).

Whilst the grades found at MN (so far) are not by any means the highest you will see around the world they are quite ok to achieve in principle an economical mining basis, being that they are well supported by decent intercept lengths and importantly are being found at shallow depth that brings low cost open pit extraction into play.

For comparison purposes here is link to the weekly silver drilling highlights table from the well followed X account of Miner Deck as taken from last week (w/e 21st March 2025). You can see that the MN grades are not out of place with many of those listed in this table. The best MN hole from the Tertiary RNS was 66m x 26 g/t = 1716 g-m which would get them nicely placed onto this listing above the 8th position name, and it’s noteworthy that the Tertiary hole ended in mineralisation so there is plenty more potential to be had with deeper targeted drilling in their next campaign.

Let’s wait & see whether the market opens its eyes more to this MN news in coming days……

https://x.com/MinerDeck/status/1903077422808928526